Wait, did Indian Oil Corporation just cut fuel prices by 1 paisa?

Wait, did Indian Oil Corporation just cut fuel prices by 1 paisa?

Wait, did Indian Oil Corporation just cut fuel prices by 1 paisa?

Domestic petrol and diesel prices touched a record high on Friday.

The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre.

The revised petrol prices in metropolitan cities are- Delhi: Rs 77.83 per litre; Mumbai: 85.65 per litre; Kolkata: 80.47 per litre and Chennai: 80.80 per litre. The current petrol price in Mumbai is Rs 86.23 per litre from the previous Rs 86.24 per litre and the current diesel price is Rs 73.78 per litre from the previous Rs 73.79 per litre.

A PTI report quotes a senior Indian Oil Corp (IOC) official as saying "The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price".

"There is a softening in worldwide oil prices and rupee has strengthened against the USA dollar, making imports cheaper".

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The fuel prices were cut for the first time after 16 days of continuous rise in rates.

Prices vary from state to state depending on local sales tax or VAT.

The marginal reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates. Prices are now off their peak of ₹69.31 a litre. "Once petrol and diesel are brought under the ambit of GST, its threshold will change, because right now, taxes upon taxes are levied which increases rates".

Delhi has the cheapest price among all metros and most state capitals. With this, Kerala becomes the first state in the country to reduce the fuel prices.

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